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An American Association of marketing has termed market research as a systematic analysis of data, recording, and gathering of information about problems relating to the marketing of goods and services.
To elaborate it a bit, Market research is nothing but a well-organized collection of data about consumers, competitors, marketing programs and further detailed analytic information about market overall.

Let’s take an overview of data you get from market research:

> Details of the size and competitive structure of the market
> Details of Products
> Details of Pricing in the Market
> Details of Promotion in the Market
> Information about Distribution in the Market
> Details Competitor’s profiles
> Details of consumers
> Data Explaining consumer behavior
> Change in market trends
How Do Businesses Use Market Research?

The above-mentioned information helps businesses to get a 360-degree view of the market and do a SWOT analysis of their own company.

For companies entering in a market:

> Market Research, of course, is an important component of any business but it has, even more, value for start-up as it helps to frame business plan.

> New companies plan their promotional events and strategies based on the report received.

> Companies form their sales policy as per the market requirement.

> Reports on successful competitor helps understand their financial strategies and companies analyze their own financial structure before entering a new market. They cut down cost wherever necessary. Take other corrective measures to boost sales.

Market Research Report for established Companies:

> Online market report have helped old companies to test the interest of customers in new products or services to respond to customer needs.

> Companies have found and developed new markets.

> Many companies monitor industry and keep a track of economic trends and change strategies to mold business as per ever-changing environment in the market.

> Determine optimal product placement - when, where, and how should a product or service be distributed.
Improve aspects of their businesses, such as customer service.

2017-11-23 20:27:40, views: 133, Comments: 0